, the SEC asserted that it was not signing off on Coinbase’s business structure when giving it the greenlight to go public back in April 2021.
“There is no way that an approval of an S-1 is a blessing of a company's entire business. In fact, there is no evidence being put forth that the SEC looked at specific assets and made specific determinations and then gave Coinbase comfort that this would not later be found to be a security.” “I am not saying that the commission should be omniscient at the time it's evaluating a registration statement and that it should know all things,” she said, adding:
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Is the SEC protecting consumers? Questions arise as it greenlights noncompliant businesses like Coinbase.